The EU and the US will Limit Europe's Dependence on Russian Energy – More LNG

Business » ENERGY | March 25, 2022, Friday // 13:41
Bulgaria: The EU and the US will Limit Europe's Dependence on Russian Energy – More LNG

The European Union and the United States on Friday presented an agreement to supply Europe with more liquefied natural gas from the United States, Reuters and the Financial Times reported.

The President of the United States Joe Biden and the President of the European Commission Ursula von der Leyen announced a joint working group aimed at reducing the European Union's dependence on Russian energy imports.

The priorities of the working group will be to diversify the supply of liquefied natural gas and reduce the demand for natural gas.

The United States has said it will provide additional volumes of liquefied natural gas to the EU market of at least 15 billion cubic meters in 2022.

The EU will work to secure orders for approximately 50 billion cubic meters per year of US liquefied natural gas by 2030.

Meanwhile, the two partners predict that natural gas demand could be reduced by 15.5 billion cubic meters by saving energy in homes this year while accelerating wind and solar energy could replace natural gas by 20 billion cubic meters.

The EU plans to save 170 billion cubic meters of natural gas a year by 2030.

Russia's invasion of Ukraine, Europe's largest gas supplier, has led to record-high energy prices and prompted the EU to commit to reducing Russian gas use by two-thirds by the end of this year by increasing imports from other countries and the promotion of renewable energy.

“The United States will work with international partners and seek to provide additional liquefied natural gas volumes for the EU market of at least 15 billion cubic meters in 2022, with expected increases in the future,” the White House said.

The long-term goal is to ensure, at least by 2030, about 50 billion cubic meters per year of additional liquefied natural gas from the United States.

The promise was made when Joe Biden, President of the United States, met with Ursula von der Leyen, President of the European Commission, in Brussels on Friday morning on the second day of the US President's visit to Europe, the Financial Times reported.

The US commitment does not specify how much of the additional liquefied natural gas will come directly from the United States or other producing countries, highlighting the difficulty of increasing production capacity faster and shifting contracts to the energy market.

EU leaders will discuss on Friday what more they can do to tackle high energy bills.

Russia provides 40% of the EU's gas needs and more than a quarter of its oil imports. Those who depend most on this supply - Germany in particular - are reluctant to take a step towards banning the import of Russian fuels, which would have a major economic impact.

The 27 EU leaders are also expected to commit to jointly buying gas and filling their gas storage facilities to 80% before the start of next winter, in order to build a buffer against further supply disruptions.

/BNR

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